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Walt Disney Company Now Announces Massive Job Cuts

Walt Disney Company Now Announces Massive Job Cuts

What do you think of these big changes now announced for the Walt Disney Company?

Return of Bob Iger

Credit: The Walt Disney Company

Bob Iger returned as Disney CEO back in November 2022. Since that time we have seen restructuring with many high-level executives exiting the Walt Disney Company.

Before his departure, Bob Chapek announced a hiring freeze for the company. He stated, “Hiring for the small subset of the most critical, business-driving positions will continue, but all other positions are on hold.”

Credit: D23

Back in November, Iger hosted a Town Hall meeting and addressed this hiring freeze. Iger shared, He stated that he did not have any plans to reverse the freeze.

At that time, Iger shared, “this is a challenging time for everyone involved” but promised that the company “will remain resilient.”

Job Cuts Announced

Credit: Kenny the Pirate

This afternoon, Bob Iger shared that the Walt Disney Company will look to streamline the company during the First Quarter Earnings Call. During this call, Iger announced that the Walt Disney Company will be cutting $5.5 billion in costs.

In order to meet this need to cut costs, huge job reductions will be coming. Bob Iger shared that they will reduce their workforce by 7,000 jobs. Iger shares, “While it is necessary to address the challenges we are facing today, I do not make this decision lightly.”

In order to meet this need to cut costs, huge job reductions will be coming. Bob Iger shared that they will reduce their workforce by 7,000 jobs.

What do you think of this big layoff at the Walt Disney Company? Do you think this is needed at this time? How do you think this may affect the streamlining of the company? Share your thoughts with us in the comment section.

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Joyce

Friday 26th of January 2024

What I didn't see - Iger taking a pay cut! Does he really think he is worth the millions he gets paid? This is actually giving him a pay raise. Many of his salary increases included Disney stock. Therefore, when the stock goes up he gets a pay raise.

Marcy

Wednesday 8th of February 2023

Agree! Last trip took the grandchildren and even if we could get Lightning Lanes we wanted and with Genie+ we spent most of our time in lines. Thought it was not fun and I am not 3 and 5 years old. Costs are so high for standing in line and all the overcrowding. My trips are much further apart and just using my points now and less park days (especially with the costs). So sad as this has always been my Happy place. Guess if I didn’t know how great it used to be it would be easier to accept.

Jack

Wednesday 8th of February 2023

Cut services and increase fees. Blatant attempt to increase stock prices at customer expense. Last time there was less than fun. Going down again this week. Along with the failure of the latest contract offer I can imagine how much fun this isn't going to be. Seriously thinking of cashing in our DVC!

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